PenFed Promise CLI Decline.

[IFtkkdx428]

I rarely get declined for a CLI and if I do, I never post them. However, due to PenFed being a lender that is not often talked about on myFICO and sometimes 'stange' then I figured I would provide feedback. I'm not posting this as a sob story or to have a pity party, but mearly as data points for the community to use to their advantage. I added some commentary below each denial reason to help guide others. Also, this was an instant decline.

Your application was not approved for the following reason(s):

• Amount owed on accounts.

I don't owe a dime to PenFed, but I chucked when this reason appeared. I assume PenFed saw the 30% UTL I have with AMEX currently. Of course, PenFed doesn't know that I have a 18 month 0% APR introductory offer I'm taking advantage of. I honestly don't blame them one bit declining on this alone. I too would be frightened if someone asked for a CLI with 30% UTL on another card. I have recently (in the past two weeks) been approved for CLI's from AMEX, Capital One and Discover with AMEX's high UTL. However, we must remember PenFed's 'conserviate' and 'hard to understand' lending. 

• Lack of recently established accounts.
• Length of time accounts have been established.

I'll go ahead and lump these two together, as I'm slightly distraught when I saw these two reasons. For starters, I haven't acquired any other cards since I have had the PenFed CC. Now, I could only assume that the Discover IT card I was approved for weeks before the PenFed was not on the CR when I had originally been approved for the Promise. None the less, nothing on the CR has changed since I was approved for the Promise (besides AMEX's UTL of course). I'm unsure weather "accounts" is referring to other credit cards I have or if PenFed was meaning 'account' without the "s." If that's the case, I could also understand this reason because I have only had the Promise since June/2015.

Overall, I'm not too surprised. I believe if the UTL wasn't so high on the AMEX then this might have been manually looked at by PenFed's underwriters. I certain that PenFed's alithogram automatically delined the CLI due to the AMEX UTL. Three months from now I plan to attempt another CLI request.

Thank you for reading, IF

Age: 23
Annual Income: $30,000.00

Monthly Rent/Mortgage Payment: $0

TU FAKO (Provided by Credit Karma on 11/22/15): 758
EQ FAKO (Provided by Credit Karma on 11/22/15): 756
TU FICO (Provided by Barclay on 10/14/15): 755
TU FICO Score 8 (Provided by Discover on 11/4/15): 755
EQ FICO Bankcard Score 02 (Provided by Huntington on 10/13/15): 727
EX FICO Score 8 (Provided by AMEX on 10/24/15): 759
Credit Card Utilization Rate: 11%

Percent of On Time Payments: 100%
On Time Payments: 99
Total Payments: 99
AAoA: 1 YR 3 MOS
Oldest Open Credit Line: 2 YRS 9 MOS
Newest Open Credit Line: 5 MOS
Total Accounts: 7
Total Credit Limit: $30,350
Hard Credit Inquiries: 6
Derogatory Marks: 0



Current Credit Cards



Capital One
 Quicksilver One Mastercard (AF waived for lifetime)
APR: 24.90%
Credit Limit: $4,250
Card issued: Jan/2013


Credit Card Utilization Rate: 2%

Chase Freedom Visa
APR: 18.99%

Credit Limit: $3,000

Card Issued: Jan/2014
Credit Card Utilization Rate: 0%

Sallie Mae Barclaycard Mastercard
APR: 22.99%
Credit Limit: $2,000
Card Issued: July/2014
Credit Card Utilization Rate: 0%

American Express Blue Cash Everyday
APR: 0% (Promotion ends 4/11/2016, after that 15.99%)
Credit Limit: $11,600
Card Issued: Nov/2014
Credit Card Utilization Rate: 30%

Huntington Voice World Mastercard
APR: 17.99%
Credit Limit: $1,500
Card Issued: Nov/2014
Credit Card Utilization Rate: 3%

Discover It
APR: 14.99%
Credit Limit: $5,000
Card Issued: May/2015
Credit Card Utilization Rate: 1%

PenFed Promise Visa
APR: 13.99%
Credit Limit: $3,000
Card Issued: June/2015
Credit Card Utilization Rate: 0%

[CreditCuriosity]

Your scores are great!  Re-read some more information on your post thus the edit.  Do you also have a car note?   Guessing it is the length with them, your Amex 3k+ owed although 0% along with the 30k salary.   You have great scores and are young and surely will get CLI's with them and many other creditors in the future!

[Anonymous]

PenFed is very receptive to recons, especially with the 0% APR explanation. If you've already taken a HP, WTH?

[Anonymous]

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@CreditCuriousity wrote:

Your scores are great!  Re-read some more information on your post thus the edit.  Do you also have a car note?   Guessing it is the length with them, your Amex 3k+ owed although 0% along with the 30k salary.   You have great scores and are young and surely will get CLI's with them and many other creditors in the future!

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+1

[IFtkkdx428]

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@CreditCuriousity wrote:

Your scores are great!  Re-read some more information on your post thus the edit.  Do you also have a car note?   Guessing it is the length with them, your Amex 3k+ owed although 0% along with the 30k salary.   You have great scores and are young and surely will get CLI's with them and many other creditors in the future!

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Thank you for the compliments! I do not have a car note.

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@Anonymous wrote:

PenFed is very receptive to recons, especially with the 0% APR explanation. If you've already taken a HP, WTH?

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I'm extremely upset. I didn't know requesting a CLI with PenFed would have been a HP. I checked Credit Karma this morning, because it updates every Sunday and what do you know, PenFed inquiry. I should have asked myFICO first, unfortunately I didn't. I only requested a CLI because I had gotten one with Capital One and Discover on the same day. Okay, so what do I do now? I didn't see PenFed's backdoor number. How do I get in touch to recon?

[baller4life]

You got your card in June. So that's more than 90 days ago. The card would have had to been less than 90 days in order to use the same initial hp. Here's info for recon:

https://www.penfed.org/loan-application-reconsideration/

[Anonymous]

You can send a secure message or info@hq.penfed.org. They're very prompt although not sure about Sundays. Simply state your case. I had an Egyptian denial overturned on my Promise(?) app.

[IFtkkdx428]

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@baller4life wrote:
You got your card in June. So that's more than 90 days ago. The card would have had to been less than 90 days in order to use the same initial hp. Here's info for recon:

https://www.penfed.org/loan-application-reconsideration/

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Thank you! Do you think it would behoove me to also send a copy of the most recent AMEX statement to prove that I have a 0% APR promotional offer? I'm fine with doing this if it increases the likelihood of being approved.

[baller4life]

You dont have to send a statement. Just explain to them that you're taking advantage of the 0% and anything else you think may help your case.

[jeffm4688]

I got denied for a CLI today on my penfed too, reasons being, AAoA, amount owed on accounts & INQ's.

However, I only have 3% util with about $1300 in debt. And my AAoA is just as long as it was when i was approved for the dang card!

Surprised I didn't get denied for pyrmaiding though